Finding the Right Offering Price

Bend is a seller's market, so buyers often wonder what is an appropriate offer on a home, particularly when competing offers are likely, which is increasingly common nowadays. This past week, the April real estate statistics for Bend were released, and according to the Beacon Report, the median sales price rose to $365,000, with a median price per square foot of $190. Currently there are two months of inventory available, with houses on the market a median of 79 days. A review of additional Multiple Listing Service (MLS) data for Bend for April revealed that sale price to list price was 97 percent, meaning homes are selling for close to asking price.

With this in mind, some sellers are overly optimistic, and buyers can't help but wonder if the home is properly priced. Thus, it is important to have a real estate professional conduct a comparative listings report prior to submitting an offer. If the report indicates that the home is overpriced, it can be helpful to submit the report with the offer. However, with sale prices reaching 97 percent of list prices, this indicates that listings in Bend, for the most part, are accurately reflecting what the market will bear.

Determining the motivation of the seller is another important factor. Like buyers, sellers also struggle with finding replacement homes and sometimes take care of this before putting their homes on the market. Thus, with a tight market and appreciation in values, many sellers need to hurry in order to avoid paying two mortgages. A quick closing date coupled with a reasonably reduced offer may give a buyer an advantage over a full-price offer with a later closing date.

The bottom line is not to panic about the market. A wise buyer acknowledges competing offers, but makes an offer informed about prices.